David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. Importantly, OFILM Group Co., Ltd. (SZSE:002456) does carry debt. But is this debt a concern to shareholders?
When Is Debt Dangerous?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. If things get really bad, the lenders can take control of the business. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for OFILM Group
How Much Debt Does OFILM Group Carry?
You can click the graphic below for the historical numbers, but it shows that as of September 2022 OFILM Group had CN¥8.42b of debt, an increase on CN¥4.43b, over one year. However, because it has a cash reserve of CN¥3.29b, its net debt is less, at about CN¥5.13b.
SZSE:002456 Debt to Equity History November 23rd 2022
How Strong Is OFILM Group's Balance Sheet?
According to the last reported balance sheet, OFILM Group had liabilities of CN¥9.72b due within 12 months, and liabilities of CN¥4.05b due beyond 12 months. Offsetting these obligations, it had cash of CN¥3.29b as well as receivables valued at CN¥4.90b due within 12 months. So it has liabilities totalling CN¥5.57b more than its cash and near-term receivables, combined.
While this might seem like a lot, it is not so bad since OFILM Group has a market capitalization of CN¥16.9b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if OFILM Group can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Over 12 months, OFILM Group made a loss at the EBIT level, and saw its revenue drop to CN¥16b, which is a fall of 42%. That makes us nervous, to say the least.
Caveat Emptor
Not only did OFILM Group's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost a very considerable CN¥2.6b at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of CN¥5.9b. So in short it's a really risky stock. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 1 warning sign for OFILM Group you should be aware of.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
David·伊本説得好，波動不是我們關心的風險，我們關心的是避免資本的永久性損失。當我們考慮一家公司的風險有多大時，我們總是喜歡看它對債務的使用，因為債務過重可能導致破產。重要的是OFILM集團有限公司(SZSE：002456)確實有債務。但這筆債務對股東來説是一個擔憂嗎？
債務在什麼時候是危險的？
債務是幫助企業發展的一種工具，但如果一家企業無法償還貸款人的債務，那麼它就只能聽從貸款人的擺佈。如果情況真的變得很糟糕，貸款人可以控制業務。儘管這並不常見，但我們確實經常看到負債累累的公司永久性地稀釋股東的權益，因為貸款人迫使他們以令人沮喪的價格籌集資金。話雖如此，最常見的情況是一家公司對債務管理得相當好--並對自己有利。當我們考慮一家公司的債務用途時，我們首先會把現金和債務放在一起看。
查看我們對OFILM集團的最新分析
OFILM集團揹負着多少債務？
你可以點擊下圖查看歷史數據，但它顯示，截至2022年9月，OFILM集團的債務為84.2億元，比一年前增加了44.3億元。然而，由於其現金儲備為32.9億加元，其淨債務較少，約為51.3億加元。
深交所：002456債轉股歷史2022年11月23日
OFILM集團的資產負債表有多強勁？
根據最新報告的資產負債表，OFILM集團有97.2億元的負債在12個月內到期，40.5億元的負債在12個月後到期。作為對這些債務的抵銷，該公司有32.9億加元的現金以及價值49.0億加元的應收賬款在12個月內到期。因此，它的負債總額為人民幣55.7億元，比現金和近期應收賬款加起來還要多。
雖然這看起來可能很多，但並不是很糟糕，因為OFILM集團的市值為人民幣169億元，因此如果需要的話，它可能會通過籌集資本來加強其資產負債表。但很明顯，我們絕對應該仔細檢查它是否能夠在不稀釋的情況下管理債務。在分析債務水平時，資產負債表顯然是一個起點。但最終，該業務未來的盈利能力將決定OFILM集團能否隨着時間的推移加強其資產負債表。因此，如果你想看看專業人士的想法，你可能會發現這份關於分析師利潤預測的免費報告很有趣。
在12個月的時間裏，OFILM集團息税前利潤出現虧損，收入下降至160億元人民幣，降幅為42%。至少可以説，這讓我們感到緊張。
告誡買入者
OFILM集團不僅在過去12個月中收入下滑，而且息税前收益(EBIT)也出現了負增長。事實上，在息税前利潤水平上，它損失了非常可觀的26億元人民幣。考慮到除了上面提到的債務，我們對公司應該使用如此多的債務沒有太大的信心。因此，我們認為它的資產負債表有點緊張，但並不是無法修復。例如，我們不希望看到去年虧損59億元的情況重演。因此，簡而言之，這是一隻非常有風險的股票。毫無疑問，我們從資產負債表中瞭解到的債務最多。但歸根結底，每家公司都可能包含存在於資產負債表之外的風險。一個恰當的例子：我們發現了OFILM集團的1個警告標誌你應該意識到。
總而言之，有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費，現在。
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本文由Simply Wall St.撰寫，具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
